Binance official in Nigeria denies money laundering accusations: ReportA senior official at Binance, Tigran Gambaryan, was reported to have pled not guilty to allegations of money laundering in a recent court appearance, said a local media report
Legal challenges for Binance executives in Nigeria
Gambaryan was detained in Nigeria since February together with his colleague Nadeem Anjarwalla, following the claim by Nigerian authorities that Binance was involved in processing the illegal transactions of billions of dollars and manipulating the exchange rate of the Nigerian naira. While Gambaryan awaits trial, Cryptopolitan reported earlier that he can apply for bail until April 19.
Gambaryan’s lawyer, Chukwuka Ikuazom, maintained that his client, although charged together with his co-defendant, who was a fugitive, was not competent to plead for him.
In March, Anjarwalla escaped from custody and both executives have since sued the Nigerian Government for human rights violations. FIRS of Nigeria has accused Binance, Gambaryan, and Anjarwalla of tax evasion. Equally, the Economic and Financial Crimes Commission (EFCC) has accused them of money laundering.
Binance under scrutiny
Binance had earlier announced that Gambaryan should not be held responsible for the company because he did not have the authority to make decisions, a court in Nigeria has gone ahead with the suit. It is reported that Justice Emeka Nwite argued that Gambaryan and Anjarwalla had earlier liaised with authorities in the country on the company’s operations, and hence, they could be possibly acting as its agents.
According to the report, the Judge said that a person who does not have a physical presence in Nigeria but has a physical agent in Nigeria can be served through that agent.
Gambaryan pleaded not guilty to five charges – one of which also accuses him, along with Anjarwalla and Binance, of committing illegal manipulation of foreign exchange rates in Nigeria through the cryptocurrency exchange. This act is said to be an error under section 29(1)(C) of the Foreign Exchange(Monitoring and Miscellaneous Provisions) Act.
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